Win 1 crore for identifying benami properties

Newspatrolling: Want to be a crorepati? Soon, all you will need to do is tip off authorities about any benami property that you may have information about. In its effort to take action against benami properties, the government is planning to launch a new scheme wherein anyone who provides information about benami properties can win cash rewards of up to Rs 1 crore. The informer’s identity would be kept confidential and they would not have to face any kind of threats from anyone. They would be able to pocket as much as Rs 1 crore, just for providing information about benami properties. The scheme is most likely to be officially announced by the government next month.

Sources inside the central Board of Direct Taxes (CBDT) said that informers will get anywhere between Rs 15 lakh to Rs 1 crore for their contribution. With demonetization, it has become clear that black money in the country is not kept in cash; rather, most of it is invested in other assets such as properties, jewelry, etc. This new scheme is likely to motivate people to scan their neighborhoods and inform the authorities about benami properties. Earlier, there was little motivation for people to report benami properties, but with the possibility of earning up to Rs 1 crore, people will certainly be looking out for benami properties.